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Cybersecurity Market to Surge by USD 107.1 Billion (2024-2028), Driven by Rising Mobile Device Usage, AI-Driven Report Highlights Evolving Market Landscape – Technavio

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NEW YORK, Nov. 12, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global cyber security market size is estimated to grow by USD 107.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.6% during the forecast period. Increase in use of mobile devices is driving market growth, with a trend towards adoption of IOT. However, high cost of deployment poses a challenge.Key market players include AO Kaspersky Lab, Booz Allen Hamilton Holding Corp., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., Dell Technologies Inc., Fortinet Inc., F Secure Corp., General Dynamics Corp., Hewlett Packard Enterprise Co, International Business Machines Corp., Juniper Networks Inc., Lockheed Martin Corp., McAfee LLC, Microsoft Corp., Northrop Grumman Corp., RTX Corp., Sophos Ltd., The Boeing Co., and Trend Micro Inc..

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Cyber Security Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 9.6%

Market growth 2024-2028

USD 107.1 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

10.59

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 39%

Key countries

US, China, UK, Germany, and Japan

Key companies profiled

AO Kaspersky Lab, Booz Allen Hamilton Holding Corp., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., Dell Technologies Inc., Fortinet Inc., F Secure Corp., General Dynamics Corp., Hewlett Packard Enterprise Co, International Business Machines Corp., Juniper Networks Inc., Lockheed Martin Corp., McAfee LLC, Microsoft Corp., Northrop Grumman Corp., RTX Corp., Sophos Ltd., The Boeing Co., and Trend Micro Inc.

Market Driver

The Cybersecurity market is experiencing significant growth due to the increasing use of digital technologies in business. Companies like CSIS, McAfee, and Broadcom are leading the way in providing cybersecurity solutions for IT infrastructure, including AI-powered threat detection and response, cloud security services, and network security. With the rise of IoT devices, Big Data Analytics, and digital transactions, regulatory compliance with standards like HIPPA, GDPR, PCI DSS, ONDC, and Open Commerce is crucial. SMEs and large enterprises alike face cyber threats, operational disruptions, and the need for skilled cybersecurity personnel to address the cyber talent shortage and budget constraints. Cloud-based cybersecurity solutions, including SaaS and IaaS, offer deployment and implementation challenges. NGFWs, application security, and endpoint security are essential components of a cybersecurity strategy. Cyber attacks against healthcare organizations and e-commerce platforms continue to be a concern. Machine learning and blockchain technologies are being explored to enhance security. The cybersecurity market ecosystem includes MSS providers, threat detection and response services, and cloud-based security solutions. 

The Internet of Things (IoT) market facilitates the connection between various devices, enabling them to exchange data stored in the cloud. This data requires organization for efficient analysis and presentation. IoT enhances connectivity and addresses critical situations. Future advancements will integrate advanced features, such as mobile app control for home appliances and wearable devices tracking fitness metrics. IoT fosters seamless communication between systems, devices, and services. 

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Market Challenges

The Cybersecurity market is facing numerous challenges in the current IT landscape. With the increasing use of digital technologies like AI, IoT, Big Data Analytics, and Cloud Computing, the threat landscape is expanding rapidly. Regulatory compliance requirements such as HIPPA, GDPR, PCI DSS, ONDC, Open Commerce, and various industry-specific standards add to the complexity. Cyber Threats like attacks on Cloud Computing, IoT Devices, and Digital Transactions are on the rise, leading to operational disruptions and data protection concerns. Cybersecurity workforce shortage and budget constraints make it challenging for organizations, especially SMEs, to implement effective cybersecurity measures. MSS providers offer Threat Detection and Response services, but deployment and implementation challenges persist. Network Security solutions like NGFWs are essential, but large enterprises and healthcare sectors face unique challenges. Cloud-based cybersecurity solutions like Cloud Security Services, SaaS, and IaaS are increasingly popular, but deployment and budget constraints remain. Cybersecurity Market Ecosystem players like CSIS, McAfee, Broadcom, and NBER are leveraging Machine Learning and Artificial Intelligence to enhance threat detection and response capabilities. End-point security and Cloud application security are critical areas of focus. The Cybersecurity Market is expected to grow significantly, driven by the increasing use of digital technologies and the need for cybersecurity solutions.The global cyber security market faces a significant challenge due to the increasing costs of implementing and maintaining cyber security solutions. As cyber threats become more intricate and frequent, businesses are required to invest heavily in protective measures to shield their valuable data and systems. However, the financial strain of purchasing advanced hardware and software, hiring skilled cybersecurity personnel, and conducting routine security evaluations can be burdensome, especially for small and medium-sized enterprises with limited financial resources. The expenses also include ongoing staff training and adherence to various industry regulations, adding to the overall cost. Organizations must carefully weigh the benefits of comprehensive cyber security strategies against the financial implications.

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Segment Overview 

This cyber security market report extensively covers market segmentation by

End-user 1.1 Government1.2 BFSI1.3 ICT1.4 Manufacturing1.5 OthersDeployment 2.1 On-premises2.2 Cloud-basedGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Government- The global cyber security market in the government sector is projected to expand significantly due to the increasing number of security installations in developed and developing countries. With the heightened importance of data confidentiality and security, governments worldwide are adopting cyber security solutions. In the US, for instance, the Federal Bureau of Investigation (FBI) is leading the charge against cyberattacks, with the creation of the Cyber Division and the placement of cyber squads in each field office. The FBI’s new initiatives include Cyber Action teams and Computer Crimes Task Forces, all aimed at enhancing cyber security capabilities. In 2020, the US Department of Defense experienced hacking attacks, leading to the signing of a memorandum of understanding (MoU) between the Department of Defense, Defense Innovation Unit, and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency. The rise in cyberattacks, particularly during the COVID-19 pandemic, is further fueling the demand for cyber security solutions, making this a significant growth area for the global cyber security market.

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Research Analysis

Cybersecurity is a critical aspect of IT infrastructure in the digital age, with various threats constantly emerging. CSIS (Cybersecurity and Infrastructure Security Agency) the importance of securing digital technologies against cyber attacks. AI, IoT, Big Data Analytics, Cloud Computing, and Digital Transactions are key areas of focus due to their increasing use and vulnerabilities. Regulatory compliance with HIPAA and GDPR is essential for healthcare and business organizations, respectively. Cyber threats continue to evolve, requiring advanced solutions like Machine Learning and AI. Remote work and e-commerce platforms present new challenges. MSS (Managed Security Services) providers offer solutions for organizations. Broadcom, NBER, and other tech companies are investing in cybersecurity research and development. Blockchain technology offers potential for enhanced security in digital transactions. Cybersecurity is an ongoing priority for businesses and individuals in the digital world.

Market Research Overview

The Cybersecurity market is a rapidly growing sector driven by the increasing use of digital technologies in business and daily life. With the proliferation of IT systems, IoT devices, and cloud computing, the need for cybersecurity solutions has become paramount. Cyber Threats such as operational disruptions, data breaches, and regulatory non-compliance pose significant risks to organizations. CSIS and McAfee are among the digital technologies leading the charge in cybersecurity. AI, Big Data Analytics, and Machine Learning are essential tools in threat detection and response. HIPAA, GDPR, PCI DSS, ONDC, Open Commerce, and various regulatory frameworks ensure data protection and privacy. Cybersecurity challenges extend to SMEs, SaaS, IaaS, and cloud-based cybersecurity solutions. Skilled cybersecurity personnel are in high demand, but the cyber talent shortage and budget constraints hinder deployment and implementation. Network Security solutions like NGFWs and cloud security services are crucial for securing digital transactions and protecting against cyber attacks. Remote work and digital commerce platforms like e-commerce and cloud applications require additional layers of security. Blockchain and End-point security offer potential solutions to these challenges. The cybersecurity market ecosystem continues to evolve, with large enterprises and healthcare sectors leading the way in adopting advanced cybersecurity solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userGovernmentBFSIICTManufacturingOthersDeploymentOn-premisesCloud-basedGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Typeform Delivers New Solutions to Empower B2C Businesses to Better Engage Customers

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November 14, 2024

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Brands can now use video, data enrichment, and AI-powered capabilities to create interactive, hyper-personalized experiences and uncover deeper insights

SAN FRANCISCO, Nov. 14, 2024 /PRNewswire/ — Typeform, the intuitive form builder and conversational data collection platform, today announced new features that provide business-to-consumer (B2C) businesses with the context, clarity, and convenience needed to better engage and understand their customers. Now businesses can further enhance the respondent experience, all while gathering richer, actionable data. 

Today, 70% of consumer decisions are based on emotion, including brand preference.¹ Buyers expect brands to tailor experiences to their personal preferences more than ever, but at the same time, they’re also becoming more cautious about sharing personal information. Typeform’s latest features help brands collect data directly from customers through interactive, personalized experiences they trust, then automatically enhance it with third-party insights to deepen their understanding. This empowers companies to deliver more targeted, data-driven marketing.

“Businesses can’t thrive on surface-level insights,” said Aleks Bass, Chief Product Officer, Typeform. “Our latest innovations give you the ability to dig deeper into truly knowing your customers by providing dynamic data collection experiences that encourage quality responses. Whether boosting conversions with a personalized product recommendation quiz or gathering feedback through video surveys, the common denominator is that your customers enjoy the experience.”

The offerings were unveiled at Typeforum 2024, Typeform’s first-ever virtual product spotlight event, designed to showcase the latest innovations from the company. Newly released features include: 

Enhanced Video Capabilities: Typeform now allows customers to respond with video, providing businesses deeper insights through voice and expressions, not just text. This builds on Typeform’s existing feature that enables creators to record, edit, and embed personalized videos into forms, boosting engagement and conversions. Typeform research found that 65% of marketers believe video is an effective tool for engaging and interacting with customers in ways that feel more human and create connection and loyalty.²Clarify with AI: Typeform’s Clarify with AI acts as a virtual interviewer, prompting follow-up questions based on customer responses. When a customer is asked about their experience and answers vaguely, like “good,” the AI encourages more detailed feedback, asking, “Good, how? What stood out?” For customers, it feels like a personalized conversation. For brands, it delivers more insights. Automated B2C Data Enrichment: Earlier this year, Typeform introduced automated B2B data enrichment, making it easier than ever to understand customers at a deeper level without needing to ask additional questions. Now, consumer-level enrichment is available in the Typeform platform. With just a personal email address, companies can pull in key data points from trusted third-party sources, providing a more complete picture of who’s on the other side of the screen.AI-powered Qualitative Analysis: With this feature, businesses can instantly analyze large volumes of text and video responses to surface key themes and insights, saving hours of manual work. Data Quality Tools: Invisible reCAPTCHA ensures data integrity by blocking bots and automated submissions, allowing only genuine responses to be collected. This safeguard enhances data reliability, helping teams make accurate, data-driven decisions.Klaviyo Integration: Typeform will soon be launching a new integration with Klaviyo, designed for B2C and direct-to-consumer (DTC) marketers. It will ensure that every insight gathered flows seamlessly into Klaviyo. Manual data transfers are eliminated as segments automatically update with Typeform data, enabling hyper-targeted campaigns customized to each customer’s unique profile. This integration combines Typeform’s interactive data collection with Klaviyo’s automation, facilitating more natural, personalized customer connections while driving business growth.

“We built a powerful product recommendation quiz not just to help our customers, but to generate invaluable data that allows us to better segment and engage them with relevant marketing,” said Addison Wennar, Digital Communications Manager, OGEE. “With the holiday shopping season approaching, these insights will be key. Typeform already delivers the highest response rates for us, and I’m excited to see how the new features will amplify that impact.”

The features are available today in Typeform for Growth plans. Watch the Typeforum 2024 recordings and learn how to use Typeform to better understand and engage customers here. 

About Typeform
Typeform is a distinctly intuitive form builder that helps over 150,000 customers collect and validate the data they need to grow their businesses. Designed with striking visuals, a conversational flow, and powerful data capabilities, Typeform empowers brands to give and get more with each form. Typeform drives more than 500 million responses each year and integrates with essential tools including Zapier, HubSpot, and Slack. For more information, visit www.typeform.com.

1         Pendell, R. (2024, October 15). Customer brand preference and decisions: Gallup’s 70/30 principle. Gallup.com. https://www.gallup.com/workplace/398954/customer-brand-preference-decisions-gallup-principle.aspx#:~:text=70%25%20of%20decisions%20are%20based,Making%20Process:%20Rational%20or%20Emotional?

2          Data from a survey of 105 Typeform customers conducted on September 30, 2024.

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SOURCE Typeform S.L.

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Electronic Drives and Controls Celebrates Impressive Growth and Strong Demand for Industrial Automation Solutions

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November 14, 2024

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EDC has announced 39% revenue growth over the past year and a strengthened presence in the metals converting and composites industries. The company has also maintained key certifications, including CSIA, UL508A, Rockwell Automation, Siemens, and Ignition.

PARSIPPANY, N.J., Nov. 14, 2024 /PRNewswire-PRWeb/ — Electronic Drives and Controls, Inc. (EDC), a leading control system integrator and field service company for industrial automation and drive technology, today announced that the company has experienced a year of growth and success, achieving a 39% increase in revenue year-over-year. To meet the growing demand for automation and drive solutions, EDC has expanded its team, hiring Ricky Arcky as human resources manager and Tyler Schaberick as systems engineer. EDC attributes this growth to maintaining industry certifications, digital marketing efforts, a dedicated team, and strong, long-term partnerships.

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients.”

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients,” said Chuck Dillard, Vice President of EDC. “Our recent hires and increased project load reflect our strategy to grow both wider and deeper with our existing clients, as well as entering new industries.”

“We’ve put in years of preparation and invested heavily in digital marketing to get the word out about our services, knowing that growth was inevitable,” Dillard added. “Our team has worked tirelessly and the results speak for themselves: clients continue to return to us because of our technical expertise and the strong results we deliver.”

EDC’s expertise in coating & laminating, wire and cable, PLC programming and upgrades, as well as drive service, has allowed the company to strengthen its presence in the metals converting industry, securing new and expanded projects across multiple client plants. EDC has also successfully completed upgrades for a new client in the composites industry, widening the portfolio of industries it caters to.

In addition to recent growth, EDC remains committed to maintaining the highest industry standards through its CSIA certification, which ensures adherence to best practices in control system integration. Several certifications, including UL508A recertification and certifications from Rockwell Automation, Siemens, and Ignition, further emphasize EDC’s dedication to safety, technical proficiency, and continuous improvement.

About Electronic Drives and Controls, Inc.
Founded in 1968, Electronic Drives and Controls, Inc. (EDC) is a CSIA Certified control system integrator with deep domain expertise in the coating and laminating, and converting industries. The company’s large field service team specializes in AC and DC drives, PLCs and factory automation. Family owned and operated for more than 50 years, EDC’s team of engineers and technicians has a vast experience integrating new control systems and breathing life into older equipment. EDC has the engineering capability to design, build, start-up and service projects from the sophisticated to the simple and the service support team on call 24/7/365 to keep it all running at peak efficiency from day one and for years to come. In addition to the company’s certification as a Siemens Solution Partner and a Rockwell Automation Recognized System Integrator, EDC is a factory authorized/factory trained service center for over 40 drive brands. For more information, visit the company’s website, LinkedIn, Twitter, Facebook, and YouTube.

Media Contact

Georgia Whalen, Rivergate Marketing, (978) 697-2664, Gwhalen@rivergatemarketing.com, www.electronicdrives.com/home/

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SOURCE Electronic Drives and Controls, Inc. (EDC)

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Allstate Financial Services Selects Covr to Provide Life Insurance, Long-Term Care, and Disability Insurance Solutions

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November 14, 2024

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Covr’s Digitally Enabled Insurance Platform Will Simplify the Buying Process

HARTFORD, Conn., Nov. 14, 2024 /PRNewswire/ — Covr, a leading digital insurance provider, has partnered with Allstate Financial Services, LLC to offer a streamlined suite of life, long-term care (LTC), and disability income insurance solutions through Covr’s digital platform. This partnership provides Allstate Financial Services customers with a simple, connected experience, featuring an intuitive, paperless process that makes it easier than ever to purchase insurance tailored to their diverse needs.

Covr’s platform offers an easy-to-use, self-guided experience to efficiently compare and recommend insurance products. Additionally, Allstate Financial Services will offer a range of products through Covr’s platform, including guaranteed issue life insurance through Gerber Life and disability insurance through Assurity, Ameritas, MassMutual, Mutual of Omaha and Principal. Traditional long-term care will also be available through Mutual of Omaha.

“We are extremely pleased to add Allstate’s network of 7,000+ representatives to our insurance platform,” said Michael Kalen, CEO of Covr. “Their business owners and individual customer base fits perfectly with our portfolio of simplified life, LTC, and disability income solutions for agents and their customers.”

“We’re committed to expanding solutions that better meet our customers’ protection needs,” said Scott Delaney, President and CEO, Allstate Financial Services. “With Covr’s digital platform, our representatives can deliver a more connected experience and offer a broader range of insurance options tailored to each customer’s unique needs.”

Allstate representatives will collaborate closely with Covr’s sales team to ensure ongoing support. Allstate Financial Services will also benefit from Covr’s top-tier case management services, providing end-to-end support throughout the entire insurance process.

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SOURCE Covr Financial Technologies

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